There is alot of truth to this. From what I have seen, coming from both the get rich quick/need no business plan greed and the absolute shortsightedness of some of the industry heavyweights, it will take a long, long time before qualified talented people will want to return to hi-tech startups again.
Most of the industry heavyweights were doing an incredible job to meet a tremendously growing demand. What shortsigtedness and which corporations are you talking about?
I'm also unaware of any company getting a first round of financing without a business plan. Could you be more specific?